Banks, Financial Services, Latvia, Lithuania
International Internet Magazine. Baltic States news & analytics
Friday, 29.03.2024, 12:05
Specialized Latvian bank FinnQ entering Lithuania
FinnQ CEO and
board member Denis Sherstyukov says
the bank will provide retail banking services.
"FinnQ is
planned to be developed as a modern, hi-tech digital (online) bank that will
provide similar services as retail banks do. Our prospective initial product
and services portfolio will include lending and deposit products, an opportunity
to open a bank account and acquire a payment card," he told.
The incoming bank plans to apply for a special bank license
from the Bank of Lithuania in September and start operations over the next
year. The bank is considering hiring 20 people.
VIA SMS Group
operates one more company in Lithuania, VIA
Payments, an e-payment company operating under the brand name VIALET. It plans to start providing
e-banking services for private individuals and companies in the fall.
VIA SMS Group is
an alternative financial services provider registered in Latvia and operating
across Europe. Since its establishment in 2009 the company has expanded its
operations to 7 countries, including Latvia, Lithuania, Sweden, Poland, the
Czech Republic, Romania and Spain, and has 157 employees.
FinnQ was
registered in Lithuania on Aug. 3, according to the Lithuanian Center of
Registers, and its authorized capitals stands at 1 mln euros.
Lithuania hops to create a favorable environment for foreign
start-up after specialized banks were legalized in the country last year.